The exemplary embodiments relate to automated teller machines and, more particularly, relate to automated teller machines that contain multiple virtual automated teller machines that each execute the application of a different financial institution's and other industry sector that use automated teller machine.
Automated banking machines are well known. A common type of automated banking machine used by consumers is an Automated Teller Machine (hereinafter “ATM”). ATMs enable customers to carry out a variety of banking transactions by interacting with the machine rather than a human teller. Examples of banking transactions that are commonly carried out using ATMs may include such as withdrawals, deposits, transfer of funds between accounts, payment of bills, and account balance inquiries and any other products that an entity may want to enable to their customers. The types of transactions that a customer may carry out at a particular ATM are determined by hardware and software configuration of that particular ATM as well as the hardware and software configuration of the financial institution to which the particular ATM is connected.
The architecture of prior art ATMs renders these machines extremely inflexible. The functionality offered through an ATM is fixed at the time the ATM is physically installed or physically visited for purposes of upgrading the machine and ATM application installed in the ATM machine.
Prior art ATMs are typically connected to proprietary communications networks in order to allow customers to use ATMs provided by those other than its own financial institution. These networks interconnect the ATMs operated by financial institutions and other entities. Some examples of these networks include the NYCE™ and START™ systems. The interconnection capability of these networks enables a user to access his accounts at his own financial institution while using a banking machine operated by a different financial institution. When using such a “foreign” ATM, the user is limited to the transaction options provided by the foreign institution and the options available at the specific ATM being used.
A foreign institution's ATMs may also provide more, less, or a different type of transaction than the user is familiar with at their home institution's ATMs. For example, the ATMs at the user's home financial institution may enable the transfer of funds between the user's accounts. If the foreign institution does not provide this capability, the user will be unable to perform this familiar (and sometimes necessary) function when operating the foreign ATM machine.
A foreign institution's ATM also lacks the ability to market directly to the user. For example, the foreign institution's ATM may provide functions, services or products which are not available at the user's home institution.
Financial institutions have high costs to maintain a private network of ATMs. A private network that allows financial institutions to develop and deploy their ATM applications, customized for their business needs, and maintains such private ATM network is very costly for financial institutions due to the high amount of required investments in ATM equipment, hardware, software and network maintenance, operating cash supply and risks related to vandalism.
The solution available for financial institutions that do not want to maintain a private network of ATMs is to outsource the financial institutions' ATM requirements to the proprietary communications networks mentioned previously. Services available in a shared ATM network are standardized among banks, so that everyone uses the same features or types of transactions.
If a financial institution wants to implement a new strategic product for their clients, in order for such product to be available in the shared ATM environment, it will need to be developed and deployed by the proprietary communications network and the new features will be deployed to all banks that are using this shared ATM network. Financial institutions have no flexibility to provide new strategic products, since the facility will be available to all banks that use this shared ATM network.
Moreover, each project to develop new products in the shared ATM network requires many months for development and implementation modifications, tests and approvals by the proprietary communications network to make the new service available at the ATMs.